Gold upward pressure continues
Gold is in mini bounce after the precious metal reverses its downward pressure near the blue trendline. The price looks will continue upward toward $1,300 before any possible reversal. Traders could observe the price reaction near $1,300 resistance and decide if the uptrend will continue or not.
If there is a strong bearish reaction from the resistance $1,300, it might produce an opportunity for the bear to place short position with high odds.
Today critical level to watch:
Support: $1,280, $1,258, $1,250
Resistance: $1,300, $1337, $1,390
Silver challenging $17.00
Silver reverse its direction following the bullish engulfing pattern formed on Friday. The price is currently testing the $17.00 resistance. There is no conclusion yet, and it might be possible for the price to reverse and form bearish reversal pattern.
Today critical level to watch:
Support: $16.80, $16.50, $16.00
Resistance: $17.00, $17.50, $17.73
Crude oil initial bullish reaction
Crude oil slip below the black trendline is a bearish case and trigger more selling below $50.00. The price moved lower and tested the red trendline. There is little bullish reaction shown after the second day. If the bounce could close above $50.00, it might cancel the selling and start another bullish leg.
Today critical level to watch:
Support: $49.00, $48.50
Resistance: $50.00, $51.00, $52.40